178: From House Hacker to House Flipper & Landlord with Charlie Kao

Jun 9, 2016

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Trying to build a real estate portfolio when you are brand new and work a full-time job can be tough. That’s why today we are excited to bring you an interview with an investor (and moonlighting stand-up comedian) with a remarkable story of using various “house hacks” to jump into the game. Charlie Kao, who hails from the Detroit, Michigan market, covers his entire investing journey, from condo investing to house flipping to landlording and more. And don’t miss Charlie’s powerful — and incredibly unique — strategy for finding deals through networking! Today’s show is sure to bring new strategies to your business, and the humor will leave you smiling all day!

In This Episode We Cover:

Where Charlie comes from
How he learned real estate from his dad
Thoughts on starting off with $5-40k houses
A discussion about Detroit
The details of his first deal
How he realized how to live and flip via working at the bank
What exactly an underwriter is
Charlie’s first true flip in Grand Rapids
Thoughts on valuing your time when it comes to flipping
Tips for living in your flip
How he started out as a househacker
How he lived in the house for two years
How it might be difficult to live and flip with kids
Tips for getting your spouse on board
How to flip while having a full time w-2 job
How many flips Charlie has done so far
How he finds properties and the price range he looks for
The mailman and the foundation specialist as sources of leads
How he manages to get stated income loans
Some of the worst deals he’s had
What would have he done differently if he started all over again
And SO much more!

Links from the Show

Books Mentioned in this Show

Rich Dad Poor Dad by Robert Kiyosaki
The 4-Hour Workweek by Timothy Ferris
Maximum Achievement by Brian Tracy
The Psychology of Selling by Brian Tracy

Tweetable Topics:

“The more tools you have in your toolbox, the more projects you can take on.” (Tweet This!)
“This is going to be the last time I make this mistake because I’m going to learn from it.” (Tweet This!)
“It doesn’t matter how many things you’ve done; there are always things that could happen.” (Tweet This!)

Connect with Charlie

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